United States of America: SEC lawsuit against NovaTech and Associates over alleged misuse of invested cryptocurrency
Progress
Current status
under deliberation
12 Aug 2024 under deliberation
Scope
Implementers
United States of America
Policy Area
Consumer protection
Policy Instrument
Fair marketing and advertising practice requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
other regulatory body
Implementation Level
national
Timeline of events
Filed SEC lawsuit against NovaTech and Associates over alleged misuse of invested cryptocurrency
On 12 August 2024, the Securities and Exchange Commission (SEC) announced charges against NovaTech, its founders Cynthia and Eddy Petion, and several promoters for allegedly operating a fraudulent scheme that collected USD 650 million in crypto asse…
SourceEvent type
public lawsuit
Action type
announcement
Government branch
executive
Government body
other regulatory body